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Risk Management Plan
A Risk can be defined as an indicator of uncertainty about the future. The greater the investment in any project, the more one has to lose should any problems delay or disrupt the project. Risks on any project must be identified and analysed so that project teams can prepare for their likely occurrence, as well as, lessen or ideally eliminate its chance of occurring. A Risk Management Plan provides a systematic method of identifying and analysing the effects of uncertainties in the development of the APS for RTT and to plan for minimising or containing the consequences of any undesired event that may impact the success of the project. The Risk Management Approach taken to manage risks for this project includes a methodical process by which the designated risk management team and spear headed by the Risk Project Manager, Mr. Sooknanan will monitor, identify, review and report the various risks associated with the project. The identified risks will be ranked and will be assigned to the project schedule to ensure that the Mr. Sooknanan takes the necessary steps to implement the mitigation response at the appropriate time during the project. Risk Monitoring The project would be monitored by the risk management team on a weekly basis, so as to identify the occurrence of any potential risks arising throughout the progress of the project. Risk Identification During risk identification, the possibility of a potential risk would be documented in sufficient detail so as to enable its effective assessment to support subsequent management decisions. This will be done by the Mr. Sooknanan in collaboration with the risk management team. Risk Reviews Mr. Sooknanan and the risk management team will systematically review the project deliverables and activities for possible risk information on a weekly basis or as frequently as necessary. The risk management team will be responsible for examining and evaluating the existing risks and the possible mitigation actions for these risks. Additionally, they must consider if there would be any potential risks that may arise. Risk Reporting All risks identified would be recorded as part of the project’s progress reports. Risk Progress Reporting should be done at each meeting of the risk management team. These reports would be carefully analysed and depending on the likelihood, severity and impacts, Mr. Sooknanan will determine the course of action to be taken. Roles and Responsibilities There are four separate and distinct roles that are defined for performing Risk Management. These are: • Project Risk Manager; • Risk Management Team; and • Project Sponsor; and • Project Manager. Risk management is undoubtedly important as is the key roles and responsibilities of each participant in the project. As such, the Project Manager, Mr. Sooknanan, in the role of Risk Manager should ensure that risk management has been included into the project plan from the very beginning to its ending. The following recommendations serve as a guide to all participants of the project for a successful Risk Management Plan: # Risk management should never be seen as an audit function that checks up on project team members or their managers. The risk manager must make an effort to build relationships with all stakeholders and to promote the benefits of risk management; # Risk management is an enabler to assist the project manager to bring the project to its successful completion. Too often there is an “us-and-them” mentality on projects where in actual fact, everyone is on the same team; and # Risk management cannot be performed without the support of all project team members. The risk manager and risk management team can only provide the mechanisms for managing risk; the information must come from all stakeholders and members of the project.